Asia Pacific Mobile Wallet Market Size, Share & Industry Trends Analysis Report By Technology (Proximity and Remote), By Application (Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Mobile Wallet Market would witness market growth of 27.5% CAGR during the forecast period (2022-2028).
Nowadays, NFC technology is present in the majority of smartphones and other mobile devices. With the iPhone 6, Apple Pay has been a feature of iPhones. Quick Access Wallet is a feature of all Android phones, while Samsung Pay is preinstalled on all Samsung phones. Although the built-in features on smartphone, third-party mobile wallets also have gained a lot of traction.
With mobile wallets, fraud cases like identity theft are more difficult to start. Mobile phones are not as simple to steal as credit cards, which may quickly be copied or stolen. If a fingerprint scanner, facial recognition software, or access password is implemented on the smartphone, it could be difficult for thieves to use it. The keys in mobile wallets could also be encrypted. Mobile wallets are helpful for retail establishments that process a lot of transactions each day since they shorten wait & payment times. This benefits the client as well as the company.
The Government of India's main initiative, the Digital India programme, aims to make India into a knowledge-based society and economy. One of the purported roles of Digital India is to be "Paperless, Faceless, and Cashless." The Government of India has given the promotion of digital payments top importance in an effort to formally include all facets of the nation in the use of these services. The goal is to make seamless digital payment available to all Indian people in a way that is practical, simple, affordable, rapid, and secure.
The China market dominated the Asia Pacific Mobile Wallet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,336.1 million by 2028. The Japan market is exhibiting a CAGR of 26.7% during (2022 - 2028). Additionally, The India market would experience a CAGR of 28.3% during (2022 - 2028).
Based on Technology, the market is segmented into Proximity and Remote. Based on Application, the market is segmented into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.
Scope of the Study
Market Segments Covered in the Report:
- Retail & E-commerce
- Hospitality & Transportation
- Vending Machine
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Apple, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Google LLC
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PayPal Holdings, Inc.
- Ant Group (Alipay) (Alibaba Holding)
- AT&T, Inc. (AT&T Intellectual Property)
- Mastercard, Inc.
- Visa, Inc.
- American Express Company
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